The latest report by IMARC Group, titled “Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that Vietnam LED lighting market is expected to grow at a CAGR of 7% during 2023-2028. A light emitting diode (LED) is a semiconductor device that emits non-coherent and narrow-spectrum light when an electric current is passed through it. LED lights offer various advantages over conventional lights, such as fast switching, longer lifespan, improved physical robustness, low heat output, and minimum radiation emissions. In addition, they are environment friendly and consume less energy. Owing to these properties, LED lighting solutions have gained immense popularity in Vietnam.
Vietnam LED Lighting Market Trends:
The market is primarily driven by the increasing usage of LED lightings in various sectors. For instance, LED bulbs are rapidly replacing incandescent bulbs in street lighting across Vietnam. Besides this, the increasing demand for LED lights in commercial spaces, such as buildings, offices, supermarkets, and shopping malls, is also contributing to the market growth. Moreover, the Government of Vietnam is encouraging citizens to adopt LED lighting through two major projects, namely, Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP), which aim to reduce energy consumption and carbon footprints. Furthermore, the rapid urbanization and increasing influx of Foreign Direct Investments (FDI) is supporting the real estate sector in the country, which, in turn, is strengthening the growth of the Vietnam LED lighting market.
- On the basis of the product type, the market has been segmented into bulb and tube light, panel, street, down, flood, and other lights. Amongst these, LED panel light holds the largest market share.
- Based on the application, the market has been classified into commercial, residential, institutional, and industrial sectors. At present, the residential sector exhibits a clear dominance in the market.
- On the basis of the installation type, the market has been bifurcated into new and retrofit installations. At present, retrofit installation account for the majority of the total market share.
- The competitive landscape of the market has been examined in the report, with some of the key players operating in the industry.
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